Influencer marketing is when companies partner with influencers in order to create content which increases brand exposure and/or conversions within a specific target audience.
In 2017, eMarketer reported that marketers spent $570 million on influencer marketing globally. $1.6 billion was funnelled into sponsored posts on Instagram alone. This industry definitely won’t be dying out anytime soon so now’s the time to decide if influencer marketing is right for you.
Although this can be a key marketing strategy for companies, the truth is that influencer marketing may not work for every product or industry.
Here are a few things you should consider to ensure you’re not wasting your money or time.
1/ Has your product got mass appeal?
You need to first determine whether or not your product/service will interest enough consumers.
- How often do you hear or see your topic mentioned in the news?
- How many similar products are already out there?
- Does your product have a broad demographic?
This is crucial, as partnering with influencers will expose your product to thousands if not millions of people. Therefore, if your product is quite niche, then leveraging on this marketing tactic will be ineffective and unprofitable.
2/ Is your design working hard enough?
Design is a key element within branding. Not only does a professional design make it easier for consumers to recognise your brand, it also:
- Communicates a clear message
- Proves your credibility
- Creates loyalty with new and existing customers
Getting your design right is critical. No matter what it is you’re wanting to promote, good design and a distinctive brand can help you create that all important first impression and gain a competitive edge.
3/ Are there influencers for your target market?
Influencer marketing isn’t all about connecting with every single social media influencer out there. It’s about choosing a few people whose audience matches your target market.
Identifying influencers based on their audience, content and style as well as level of engagement will enable you to determine if they would be a good fit for your company/product.
Choosing quality over quantity will allow you to gain more conversions which is the main goal.